Kokomo Finance Accused of $4M Exit Scam

Kokomo Finance, an open-source and noncustodial lending protocol on Optimism, has been accused of an exit scam worth $4 million. The protocol allegedly plucked user funds via a smart contract loophole, causing the Kokomo Finance token to plummet 95% in value in a matter of minutes. Blockchain security firm CertiK alerted its followers to the situation in a tweet on March 26.

According to CertiK, the deployer of the KOKO token attacked the smart contract code of a wrapped Bitcoin token, cBTC, by resetting the reward speed and pausing the borrow function. An address beginning with “0x5a2d..” then approved the new cBTC smart contract to spend over 7000 Sonne Wrapped Bitcoin (So-WBTC). The attacker then called another command to swap the So-WBTC to the 0x5a2d address, which produced a $4 million profit, according to the security firm.

CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull. The protocol rose up the ranks quickly in recent days, with blockchain data platforms like CoinGecko and DefiLlama officially tracking it shortly after Kokomo Finance went live on Optimism on March 25. Recent screenshots reveal that more than $2 million was locked into Kokomo Finance prior to it falling more than 97%.

Over 72% of the total value locked in the Kokomo Finance protocol came in the form of wrapped Bitcoin, according to data from DefiLlama. While most aspects of the audit were passed, “typographical errors” were found, and the owner of the KOKO token was also found to have a one-time ability to mint 45% of the maximum supply to an arbitrary address.

Kokomo Finance is a lending protocol that enables users to trade for wBTC, Ether (ETH), Tether (USDT), USD Coin (USDC), and Dai (DAI). It operates on the Optimism layer 2 scaling solution, which allows for faster and cheaper transactions on the Ethereum network.

The exit scam allegations against Kokomo Finance have raised concerns about the security of decentralized finance (DeFi) protocols. While DeFi has enabled greater financial freedom and accessibility for users, it has also brought with it new risks and challenges. Smart contract vulnerabilities and security loopholes can be exploited by bad actors, as in the case of Kokomo Finance.

Despite this incident, the DeFi space continues to grow and evolve, with new protocols and platforms emerging all the time. As the industry matures, it is likely that greater attention will be paid to security and risk management, in order to protect users and prevent similar incidents from occurring in the future.


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Former Coinbase CTO Bets $1 Million on Bitcoin Reaching $1 Million in 90 Days

Srinivasan, a well-known Bitcoin enthusiast and entrepreneur, is betting that the United States will experience hyperinflation, leading to a deflation of the U.S. dollar and a surge in the value of Bitcoin. Medlock, on the other hand, is bearish about hyperinflation in the country. The bet has been set up as a smart contract, and if Srinivasan loses, he will pay $1 million worth of the dollar-pegged stablecoin USD Coin (USDC) and one BTC to Medlock. If Bitcoin’s price reaches $1 million by the deadline, Srinivasan will keep the 1 BTC and the $1 million in USDC.

Srinivasan has also disclosed that he will move another $1 million in USDC for another wager on the same topic, with Medlock and one other person. The bet comes at a time when Bitcoin’s price has already reached $27,387, with its market capitalization adding over $194 billion year-to-date to a 66% growth in 2023. It has also outperformed Wall Street bank stocks amid fears of a global banking crisis.

Srinivasan’s bet is based on his belief that the U.S. economy is facing an impending crisis that will lead to the deflation of the U.S. dollar, which will result in a hyperinflation scenario that will drive Bitcoin’s price up to $1 million. This view is shared by many other Bitcoin proponents, who argue that Bitcoin’s finite supply and decentralization make it a safe-haven asset in times of economic uncertainty.

However, the mainstream financial industry and economists have largely dismissed these claims, arguing that Bitcoin’s price is driven mainly by speculative trading and that it has no intrinsic value. Despite these criticisms, Bitcoin’s popularity and adoption continue to grow, with major companies and institutions like Tesla, MicroStrategy, and PayPal investing in the cryptocurrency.

In conclusion, Balaji Srinivasan’s $1 million bet on Bitcoin’s price reaching $1 million in 90 days is a bold move that reflects the growing optimism among Bitcoin proponents about the cryptocurrency’s future. While it remains to be seen whether Srinivasan will win the bet, the ongoing debate over Bitcoin’s value and role in the global economy is likely to continue for some time.


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Nous Launches World’s 1st Decentralised Hedge Fund

Blockchain start-up Nous Systems has announced the launch of the world’s first decentralised hedge fund built on blockchain technology.

Webp.net-resizeimage - 2022-05-10T151520.112.jpg

The decentralised investment platform Nous Fund is now live on the Polygon Network.

Investors will be able to mint their own non-fungible contracts through Nous Fund, while also participating directly in Nous’ on-chain decentralised asset management vehicle.

The Nous ecosystem has also integrated Chainlink Keepers to facilitate the automation of smart contracts and Chainlink Price Feeds, which will simplify management processes. Furthermore, it will also help in the decentralisation of the platform and reduce the reliability of third parties.

Kristijan Zivcec, CTO of Nous Systems, released a statement saying “blockchain technology enables us for the first time to create a decentralised asset management platform which doesn’t discriminate against any individual. This next generation of asset-management technology is characterised by its ability to ensure secure, reliable, and cost-efficient transactions.”

Nous stated that although there has been a relatively small use of smart contracts, an increase in investors’ trust in blockchain technology will replace conventional legal agreements with hybrid smart contracts. Following this, it believes that investors will start to use the Nous Fund to demonstrate its utility in the financial sector.

Nous Fund offers traditional financial services and accessibility to anyone with as little as US$100 to invest as it uses hybrid non-fungible smart contracts.

The Nous Fund multiple Chainlink services on the Polygon mainnet will allow Nous to create investment contracts using ETH, MATIC, USDC, and USDT with low minting fees of $0.03. 

Tom Stuart, CEO of Nous Systems, released a statement saying “in the past, asset management has been far too exclusive, accessible primarily only to those with significant wealth, and so the launch of Nous Fund represents the beginning of a new era of financial services for the 99%, attainable for anyone with as little as $100.”

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Little-Known Altcoin Project That’s Up Over 70% Year-to-Date Launches $400,000,000 Ecosystem Fund

Data privacy-focused crypto project Secret Network (SCRT) is establishing a multimillion-dollar fund to support its growth.

In a new announcement, the smart contract-enabled altcoin says that it is setting up an ecosystem fund worth $225 million to help developers and teams build on its network.

“The primary goal of the ecosystem fund is to ensure that every individual, team, and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market.

We want developers to build confidently in our ecosystem for years to come – not just proofs of concept or narrow pilot programs, but truly groundbreaking privacy-first Web3 applications across every vertical that can be adopted and championed by millions.”

The Secret Network also says that it is setting up an accelerator pool worth $175 million to offer non-equitable capital, grants, and ecosystem incentives to developers and builders on the network.

Recipients building decentralized applications (DApps) in nascent sectors of the crypto industry will receive funding in the form of SCRT, Secret Network’s native token.

“Funded in SCRT and primarily managed by SCRT Labs, the accelerator pool will be used to support critical growth initiatives across Secret DeFi [decentralized finance], NFTs [non-fungible tokens], gaming and metaverse, and other essential application verticals on Secret Network.”

The crypto project also says that it has partnered with investment firms such as Alameda Research, founded by FTX CEO and billionaire Sam Bankman-Fried, who has joined the ecosystem as crucial stakeholders.

Other key investors include DeFi-focused venture DeFiance Capital, crypto investment firm CoinFund, and digital assets financial services group HashKey.

SCRT is trading at $8.57 at time of writing, a staggering 70% gain since the beginning of the year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Not A New Year For Crypto: 5 Crypto Trends You Should Watch Out For In 2022

Crypto took over headlines in 2021. From NFTs to the metaverse, there was no slow news day. Cryptocurrencies’ rapid growth presents an investment opportunity, not only for average individuals, but also for large corporations.

Digital assets are on the rise as a result of technical advancements. More countries around the world are attempting to implement decentralized technology as payment options. You must know which cryptocurrency trends will be relevant in 2022 in order to achieve profitable investments in this market.

 Crypto Trends To Watch

1. NFT are not going anywhere:

In the year 2021, Non-Fungible Tokens (NFTs) were the hottest topic in the blockchain world. Artwork such as Beeple’s The First 5000 Days fetched astronomical prices, bringing the concept of unique digital tokens stored on blockchains firmly into the public mind. It’s also well established in the music industry, with bands like as Kings of Leon, Shawn Mendes, and Grimes all releasing NFTs

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The metaverse rocketed into public consciousness in Q4 2021 with Facebook, Microsoft, Baidu, Huawei buying into the hype. The metaverse is based on NFTs and ownership tokenization, which can link the physical and digital worlds.

NFT Sales by category. Source: CryptoSlam

NFT platforms such as OpenSea, games such as Axie Infinity, and artworks such as CryptoPunks now have their own team of traders, creators, and service providers. In 2021, the number of unique NFT wallets increased by over 1000 percent, a trend that is expected to continue into the new year.

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2. Play-to-earn games are in great demand:

Axie Infinity, Splinterlands, Decentralands and The Sandbox are examples of play-to-earn games that are steadily introducing crypto into the public and increasing access to DeFi and NFT. According to the findings from a Coinlist’s poll, the interface between DeFi and gaming will continue to gain momentum in 2022, and game-oriented platforms like as Flow and Immutable X will become more important. A new generation of gamers will be able to own in-game assets and exchange them on secondary marketplaces thanks to the blockchain. As a result, these ecosystems are projected to witness significant advancements in the coming year and to be widely appreciated.

Play-to-earn users and transaction volume growth over the last few months. Source: DappRadar

We may see gaming businesses enter the crypto industry via mergers and acquisitions next year. Ubisoft, a AAA gaming business, has officially revealed that in-game products would be tokenized as NFTs on the Tezos network.

Related article | Metaverse versus GameFi: A New Blockchain War?

3. Smart Contract adoption expected to explode:

From NFT ownership to smart-contracts, the Ethereum network is used for a wide range of applications. Due to the rapid proliferation and adoption of Ethereum-based projects, Ethereum network transactions grew dramatically in 2021. (like NFTs). We expect smart contract networks like Ethereum and Solana to continue to grow in transaction size and value in the future, as the network of players and use cases expand.

Explosive Growth in 2021: Total Value of Transactions on Ethereum Network

Source: Messari, VanEck.

4. Bitcoin and altcoins to realize huge potential prices:

Price forecasting is notoriously tough, especially when it comes to Bitcoin and other digital assets.

In the current debate, targets in excess of $100,000 are rather frequent, but they are usually estimated to be at least several years away. Given recent price volatility, such a target may appear to be a stretch, but the trend toward wider use and integration supports this prediction.

BTC to gain potential

BTC/USD rallying close to $50k. Source: TradingView

Given the strong macro tailwinds and growing inflation, it’s impossible to see a future where bitcoin falls out of favor while the rest of crypto rises. Despite the fact that bitcoin’s market share has dropped from 70% to 41% this year, Ethereum remains the sole true competitor. However, given the rising competition Ethereum faces from other L1s, it’s unlikely to see a flippening happening in 2022.

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021. It’s expected that has more countries adopt Bitcoin, the value will stabilize into a rally.

5. Crypto Regulation on steroids:

If 2021 was the year of talking about cryptocurrency regulation, then 2022 is likely to be the year of action. Because, if nothing else, 2021 has demonstrated that cryptocurrency isn’t going away anytime soon, which has made a number of regulators sit up and take note.

While some nations may maintain a restrictive stance on cryptocurrency, commentators believe that the overall trend will be toward greater acceptance of cryptocurrency, even if it means implementing some precautions. As regulators have a better understanding of the space, more crypto bans are less likely.

National cryptocurrencies, in which central banks develop their own currency that they can control rather than adopting existing decentralized ones, will also expand in 2022.

Stablecoins will be regulated in various parts of the world, with the United States, the European Union, and the United Kingdom in particular working on stablecoin regulation. The Regulation on Markets in Crypto Assets (MiCA) in the EU will follow the same path as the UK.

Related article | Looking Ahead: What Should EU Regulations for Cryptocurrency Sector Look Like?

Featured image from Pixabay, charts from DappRadar, Messari, and TradingView


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EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS

EOS and Block.One are back on the news. Is this one positive or negative, though? The EOS Network Foundation, a community-led organization, voted to decouple from Block.One. The ENF alleges that Block.One is no longer working for the benefit of the network. The company that created EOS will not get the 67M EOS that they had coming distributed over the next seven years. Even though the infamous Brock Pierce resigned from the company years ago, this will also affect his finances.

Related Reading | Peter Thiel and Bitmain Invest in Block.one to Support EOS Ecosystem

In The Present, What Does Brock Pierce Have To Do With Block.One?

This might’ve been the last straw. Just last month, Block.one announced that they were selling 45M EOS at a discount to one of Brock Pierce’s ventures.

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“Today we are pleased to announce that we have agreed to transfer 45 million EOS tokens to Helios.

Led by Brock Pierce, Helios takes aim at serving the EOS community through several high ambitions, including creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS financial products, supporting the creation of infrastructure, tooling and documentation for developers, and organizing community events around education, networking, and use case development.”

A pseudonymous Twitter user that broke the news, analyzed it as follows:

He says that “Block.One went in to a deal to sell their vested EOS tokens for a discount to their previous associate Brock Pierce!” And that, to stop this behavior, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even though the ENF is not a DAO, this might be a good example of how Decentralized Autonomous Organizations should work. However, should a decentralized protocol be so easy to control? Should the EOS Network Foundation be able to roll back a smart contract just like that?

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In any case, according to The Block, the company is not yet in control of the 45M EOS they promised Brock Pierce. “Eight million of the tokens were already vested and controlled by Block.one while 37 million are still vesting (meaning they haven’t been released by the network yet).” Is this transaction what the EOS Network Foundation wants to block? 

EOSUSD price chart - TradingView

EOS price chart on Coinbase | Source: EOS/USD on TradingView.com

What Did The EOS Network Foundation Want?

The ENF was negotiating with Block.One. According to The Block, their goal was to “get hold of the EOS network’s intellectual property.” However, one of Block.One’s side projects, an exchange called Bullish, owned the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the company do instead? They announced this:

“In addition to the recently announced Helios transaction, today we are pleased to announce our intentions to offer the following grants of vesting tokens that are intended to be given over time, and subject to our token availability:

  • EOS Network Foundation – 30m EOS

  • Pomelo – 1m EOS

  • EdenOS – 1m EOS”

Related Reading | Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

How did the EOS Network Foundation react? They wanted the IP, not tokens. So, they created this proposal, which was approved. The ENF director, Yves La Rose, took to Twitter to declare victory.

“Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”

The community spoke. They will roll back and block the 67M EOS that Block.One had coming. How does that put them regarding the EOS network’s intellectual property? Do they have any chance of getting that IP now?

Featured Image by Valentin Salja on Unsplash  | Charts by TradingView


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The DeFi Smart Contract Automation Network Gelato Raised $11M in its Series A Funding

Gelato, a smart contract automation network focused on the DeFi sector, announced that it has raised $11 million led by Dragonfly Capital in its Series A financing.

In this round of financing, main supporters include ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov. The funds will be used to establish a “cryptocurrency Zapier”.

Gelato enables everyone to leverage the power of a decentralized network of bots to fully automate the movement of their money between different protocols on Ethereum.

Through the development of Web 3.0 automation, they can automatically rebalance their investment portfolios and execute transactions to protect their investments from major losses.

Mika Honkasalo from ParaFi Capital expressed that:

“Gelato expands the capabilities of smart contracts, which are by default inactive and only execute when a user triggers them. Gelato’s network of bots can be used to support a wide variety of applications that require automated actions — from liquidity provision strategies to margin management, and other DeFi use cases.”

Under the operation of a decentralized robot network, Gelato network provides dApp developers with a user-friendly UX to expand and simplify users’ transactions in the DeFi field.

Gelato co-founder Hilmar Orth said that the team is building their own DeFi applications, aiming to run smart contracts autonomously while ensuring that the infrastructure executes its logic is censorship-resistant, decentralized, and reliable.

Despite the smart contracts on the Ethereum network run by the main DeFi protocols, it also supports the smart contracts on the two blockchains, Polygon and Fantom. Gelato network is actively cooperating with other blockchains, including Binance Smart Chain, Arbitrum, Optimism, and Avalanche.

The decentralized finance (DeFi) sector took the world by storm in 2020 after its value grew by fourteen times, with total value locked (TVL) in this sector stood at $208 billion.

In the long run, the trend of decentralized financial automation is expected to be trending to improve user experience in the future.

Image source: Shutterstock


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Decentralized Finance May Revolutionize Financial Sector – And Bitcoin

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Without question, the DeFi movement is revolutionizing the financial sector. Decentralized finance is well on its way to changing the world of finance as we know it by transforming traditional financial components into open, transparent protocols across a decentralized network.

In fact, the total value locked in DeFi assets stands at a phenomenal $54.56 billion, and it appears that this figure is only going up. From making basic financial services like loans and insurance readily available for all, to promoting financial inclusion for the larger population, DeFi use cases are many.



While the most popular use cases for DeFi applications include borrowing and lending within a peer-to-peer network, there are also other use cases, such as becoming a liquidity provider for a decentralized exchange. Interest rates in DeFi are much lower and more appealing when compared to regular bank loans. Also, you can’t overlook the fact that DeFi provides extremely low barriers to entry. Taking out DeFi loans is a relatively straightforward process, and all you have to do is offer collateral in the form of crypto assets. Depending on the DeFi protocol they’re using, users also have the option to provide their non-fungible tokens (NFTs) as collateral.

While DeFi is still in its infancy stage and regulation is almost absent, several DeFi applications are already making big waves across various sectors. Bitcoin in DeFi is one concept that has been gaining a lot of traction recently.

Typically, most DeFi applications are built on Ethereum (ETH) due to its advanced smart contract functionality. However, there has been a noticeable rise in the number of DeFi applications built on top of Bitcoin. According to DeFi Prime, an analytics firm, out of the 223 DeFi projects that they have listed, at least 26 of them are active Bitcoin-based.

Specifically speaking, there’s Taproot, which will be a substantial update to Bitcoin’s technology architecture and bring about a host of new features. While the activation path of Taproot remains unclear, it is expected to be activated in the near future. In addition to the effect this new upgrade will have on privacy, security and scalability, Taproot will impact opportunities in smart contracting and thereby lay the foundation for future upgrades. Interestingly, these technological developments in Bitcoin come at the same time when Bitcoin adoption is also significantly increasing with each new day.

Another concern about Bitcoin is that anyone can monitor transactions because it is based on public blockchain. With the Taproot upgrade, Bitcoin will convert from its current ‘elliptic curve digital signature’ algorithm, which takes up more space, to Schnorr signatures, which can potentially make basic transactions indistinguishable from complex transactions. As a result, there will be more anonymity and transparency in transactions.

With a specific focus on DeFi on Bitcoin, discreet log contracts (DLCs) is another area that has seen a lot of progress recently. Essentially, a DLC is a type of Bitcoin transaction that executes a smart contract using an oracle. As a result, DLCs enable the formation of smart contracts and a variety of other financial contracts, including options and futures.

A DLC typically allows multiple parties to put bets on the Bitcoin blockchain. To construct a DLC, it is required that two parties lock the funds in a multi-sig address. And these funds can only be used if the oracle provides the requested information at the requested time. To put it simply, DLCs operate by using the signature of a message from an oracle as a private key. This permits the bet winner to sign a transaction using the funds committed to the contract by the two counterparties at the start.



Looking forward

Recently, Jack Dorsey, CEO and co-founder of Twitter, announced that his mobile payments company Square will be launching a platform that will allow developers to create ‘decentralized finance’ projects built on Bitcoin. In an attempt to make the creation of non-custodial, permissionless and decentralized financial services much easier, this is expected to be one of the first big projects of its kind in the nascent market.

Another reason why DeFi on Bitcoin is becoming immensely popular is that Bitcoin is the best type of collateral in the entire world. Bitcoin is highly secure, transactions are super quick, the markets never close and Bitcoin is high in liquidity. This has been the primary driver behind the case for adopting DeFi on Bitcoin. And not to forget the fact that the security of Bitcoin has been developed to a wartime security level.

Indeed, this is only one among the several big DeFi on Bitcoin projects expected to come out. As more Bitcoin-based DeFi projects launch, and with the Taproot upgrade, there is certainly a lot of growth potential to look out for.

Nischal Shetty is the founder and CEO of WazirX, India’s largest cryptocurrency exchange (recently acquired by Binance). He is a huge blockchain advocate and influencer with over 100,000 followers. He has also been featured in Forbes ’30 under 30′ list in the past. Nischal has been active in the space for a long time with the mission to involve everyone in the blockchain revolution.


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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Former EU trade commissioner joins advisory board for DeFi dispute resolution platform

Phil Hogan, who served the European Commissioner for Trade for less than a year, will be joining the advisory board for the Astra protocol.

In a Tuesday announcement, Astra said Hogan would be coming onto its board as an executive advisor, citing his experience in the European Commission and international relations. The project said the addition of the former EU trade commissioner would provide strategic guidance in partnerships aimed at driving growth to the decentralized finance industry.

“Decentralised finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions,” said Hogan.

Astra claims to provide a legal assurance layer for public blockchains aimed at eliminating fraud and resolving disputes between users. According to the project, it seemingly acts as a medium between two parties, both of which must agree to establish a smart contract on Ethereum, Polkadot, Cardano, and others. Should there be any dispute, Astra can step in to “quickly and cost-effectively resolve the issue.”

The platform could offer a way for legal disputes and otherwise to stay in the crypto space and out of court. In April, a U.K. task force released a report proposing a framework for dealing with smart contract disputes. Because there are millions of crypto users scattered across a variety of countries with different legal systems, smart contracts may offer an alternative to filing traditional lawsuits — provided they don’t conflict with local or international law. 

Related: Former SEC Chairman Jay Clayton joins crypto advisory board

Hogan served as the EU trade commissioner for nine months from December 2019. Last August, he resigned following his attendance at a dinner with more than 80 people at the Oireachtas Golf Society in Ireland — many public officials in the country had previously issued statements warning against gatherings during the pandemic. Hogan has since suspended or deactivated many of his social media accounts.